On December 1, 2008 the National Bureau of Economic Research (NBER) finally brought up the rear and announced that the United States has been in a recession since December 2007. The full announcement and analysis is available as a PDF here: Download NBER Dec 11 2008.
So now we can move on and start debating, is a depression next?
From where I stand, there do not appear to be any signs of the economy improving. In fact, I am hearing of more companies planning layoffs, more companies going out of business, and more people hunkering down even further to endure what 2009 may bring.
